Equipment was purchased for 70000 cash in addition

Reference no: EM13611385

Comparative Balance Sheet December 31 Assets 2012 2011 Cash $41,000 $47,000 Accounts Recievable $67,000 $70,000 Inventory $182,000 $124,000 Prepaid expense $12,140 $16,540 Land $130,000 $150,000 Equipment $205,000 $175,000 Accumulated depreciation-equipment ($70,000) ($42,000) Buildings $270,000 $270,000 Accumulated depreciation-buildings ($70,000) ($50,000) Total $767,140 $760,540 Liabilities Accounts payable $48,000 $45,000 Bonds payable $265,000 $265,000 Common stock, $1 par $280,000 $250,000 Retained earnings $174,140 $200,540 Total $767,140 $760,540 Additional information:

1. Operating expenses include depreciation expense $65,000 and charges from prepaid expenses of $4,400

2. Lnad was sold for cash at cost

3. Cash dividends of $57,000 were paid

4. Net income for 2012 was $30,000

5. Equipment was purchased for $70,000 cash. In addition, equipment costing $40,000 with a book value of $23,000 was sold for $25,000 cash,

6. 30,000 shares of $1 par value common stock were issued in exchange for land with a fair value of $30,000

Prepare a statement of cash flow for 2012 using the indirect method.

Reference no: EM13611385

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